Author Archives: enterpriseam admin

EXCLUSIVE- Eastern Tobacco stake sale set for second half of October: The sale of 4.5% of Eastern Company is definitely on track for October, a senior government source told Enterprise yesterday. While the source declined to reveal the exact date, they noted that it will take place sometime in the second half of the month. […]

Much ado about nothing: Ibnsina Pharma co-CEO Omar Abdel Gawad is at his desk today. That’s the take-home message from the EGX-listed pharma distributor after news reports yesterday reporting that a senior manager of Ibnsina Pharma had been detained in connection with an ongoing antitrust case before the Cairo Economic Court, the verdict of which […]

Egypt sells north of EGP 900 mn in T-bonds after four canceled auctions: Egypt sold three- and seven-year treasury bonds worth EGP 903.8 mn yesterday after canceling four auctions in September due to high yields, according to CBE data. Yields on the three-year T-bonds were at 18.432%, while seven-year bonds carried yields of 18.431%. “The […]

Egypt’s current account deficit narrowed by 58.6% y-o-y to USD 6 bn in FY2017-18, down from USD 14.4 bn the previous year, according to a CBE report (pdf). “The improvement reflects the continuous positive impact of the currency liberalization decision,” the CBE said. The balance of payments recorded a surplus of USD 12.8 bn, down […]

Should the FinMin reconsider its stance on fuel hedging? Oil soared yesterday to its highest level since 2014, with crude futures rising 2.8% to USD 84.98/bbl as a slowdown in US drilling added to already mounting concerns about an output shortage, according to Bloomberg. Traders see oil could hit the USD 100/bbl mark, especially with […]

EXCLUSIVE- FRA looking to establish EGP 10 bn reinsurance company that targeting national and African markets: The Financial Regulatory Authority is in talks with a number of government entities about setting up an EGP 10 bn reinsurance company, sources at the FRA told Enterprise yesterday. A number of government funds are expected to become shareholders […]

EFG Hermes topped the EGX’s brokerage league table for September with a market share of 23.4%, up from 14% in August, according to figures released by the EGX (pdf). CI Capital, which shared first place last month, came in second this month, with a 7.8% market share, followed by Beltone (6.4%). Pharos and Arab African […]

REGULATION WATCH- You no longer have to get FRA or EGX approval on stock splits: The Financial Regulatory Authority (FRA) will reportedly scrap a rule that requires listed companies to seek approval from the FRA and the EGX for stock splits, AMAY reports. Boards much presently seek regulatory approval, including filing notice of the decision […]

US and Canada strike new trade pact: The US and Canada made their Sunday night deadline, reaching a breakthrough in negotiations over a new trade agreement to replace the 1994 North American Freetrade Agreement (NAFTA). Mexico and the US had agreed in August to renegotiate the terms of the NAFTA, but Canada remained on the […]